As the great legal mind Ice Cube once said: “You better check yo self before you wreck yo self”
In this time as many of us are dealing with the fallout of COVID-19, here’s what you need to do – Review Your Contracts.
You may have a verbal understanding of your obligations and your counterpart’s obligations but it all comes down to what’s set in writing. A well drafted agreement should cover these basics.
Here’s a list of things you should look at in order to protect your legal rights under your contracts.
- Review your Cancellation clause. Every well drafted agreement should have a cancellation or termination clause. Review the procedures and deadlines for notice.
- Review the “Force Majeure” clause, which is a fancy way of saying if something really crazy happens (like a global pandemic) and one party can’t perform under the contract then here’s what happens. Hopefully you have one
- Review the Indemnification Clause. This is the clause that protects one party from losses related to the contract.
- Review the Insurance clause. Hopefully you have them. There supposed to be there on rainy days. I think our current climate qualifies.
